Looking for a thrifty employee morale booster? Here are some tips your employees can use to manage their money and feel like they got a raise.
Employee morale suffers when employees are strapped for money. Your employees probably want a raise, and they may deserve it, however your company budget may also be stretched to the limit. Share these tips with your employees and soon they will feel like they got a raise without actually getting one. What’s more, it will build their confidence and make them feel empowered.
How Employees Can Save Money At Work
Bring your lunch
A great way to save money at work is to make and bring a sack lunch. It can be a sandwich and chips, or a TV dinner – it doesn’t take too long to prepare, and you can save about $10 a day by bringing your lunch to work.
Bring a drink and a snack
Who doesn’t like a mid-morning or afternoon snack to break up the workday? Try grabbing an apple, banana, or granola bar, along with a drink, at home and bringing them to work. By avoiding the vending machines, you can save an additional $3-$5 a day at work.
Carpool
Gasoline expenses add up over the course of the month. Instead of doing all the driving yourself, try sharing rides with a group of co-workers who live near you to save money on gas each week.
How to Save Money Away from Work
Avoid impulse buying
We’re all guilty of impulse buying at the store. Impulse buying is when you’re checking out or at the end of the aisle, and you see something extra that you like. You can save quite a bit of money by not buying impulse items (gum, candy, sodas, magazines) at grocery stores and pharmacies.
Prepare meals at home
A major expense that most people have is dining out at restaurants, as well as fast food. While it’s enjoyable to have dinner at a restaurant, it can be a burden on your wallet. Try eating at home more often instead of dining out – you can prepare nice meals much cheaper and it doesn’t have to be a major production.
Clip coupons
One way to save money that your employees may not have thought about is by clipping coupons. There are lots of cost-cutting coupons that can be found in the newspaper or mailers. Simply cut them out and bring them with you the next time you go shopping. You can save $3-$10 per shopping trip.
Buy in bulk
A great way to save money on groceries is to buy them in bulk. Try shopping at a discount warehouse like Sam’s or Costco. You have to pay the upfront annual membership fee, but the discounts may make it worth it, especially if you have a large family to feed.
Another way is to get a group together and go to a nearby farmers market. Everybody puts in money every month, so you can buy in bulk. Divide up the produce and you will have locally grown veggies at a bargain price.
Find restaurant deals
Even if you don’t feel like having meals at home all of the time, you have ways to save when dining out. There are popular deals now at restaurants, such as 2 dinners for $20, or lower prices and specials on less busy days, such as Tuesdays or Wednesdays. You can easily save $5 from a regular restaurant meal cost each time you go out.
Save money on clothes
Even if you like high quality clothes, you don’t have to spend a fortune. You can buy clothes on sale at the end of the season for 50-75% off. You can also find brand-name, quality clothes at affordable prices at many thrift and re-sale shops.
How to Budget without Feeling Deprived
Put money in savings each month
We all wonder what happened to our money at the end of each month. However, if you set aside money in savings at the beginning of each month, you can make sure to hold onto it and build a nest egg. Generally, you won’t miss the extra spending anyway.
Plan a monthly budget
A good way to keep track of your expenses is to make a budget. List your income and all of your planned expenditures for the month. Make sure expenses are less than your income and leave money for emergencies. You’ll have fewer worries about spending.
Budget for Fun
Include a certain amount of money for fun in your budget. That way you won’t feel deprived. Make a list of things that would make you feel wonderful. Then, you can reward yourself for keeping to your budget, without feeling guilty, by doing something on your fun list.
Stick to your budget
What good is a budget if you don’t stick to it? Plan your expenditures, and don’t spend any more once you’ve reached your allotted amount – this will keep you from having too much month at the end of your money.
Have a contest
To motivate employees, you can even have a contest to see who can save the most money for the month. At a staff meeting discuss the many ways to stretch a dollar. Then get additional ideas from your employees. Have a month long contest to see who can save the most money. Have creative low-cost prizes.
In short, if your employees are feeling depressed because of lack of money, teach them to give themselves a “raise” by showing them how to save money. They will feel more in control of their financial lives, they will feel happier and they will be more productive at work. What’s more, employee morale will be boosted as everybody shares their ideas and successes.
What Are Your Ideas?
Scroll down to the comments area below the blue box, and your ideas for saving money and stretching your dollars.
